Oil prices decrease with the expected demand, the upcoming supply increased

By Erwin herself

Houston (Reuters) -Oil prices fell on Friday, as traders looked at the weakest demand in the United States, the largest oil market in the world, and an increase in this autumn of OPEC and its allies.

Brent Futures Future settled for the delivery of October, which expired on Friday, at $ 68.12 a barrel, a decrease of 50 cents, or 0.73 %. The most active contract for November has ended 53 cents, or 0.78 %, at $ 67.45.

The intermediate raw contracts in West Texas settled at $ 64.01, a decrease of 59 cents, or 0.91 %.

Tamas Varga, an analyst at PVM Oil Associats, said the market was partially changing its focus towards the OPEC+ meeting next week.

The production of crude increased the organization of the oil exporting countries and its allies, known as Opec+, as the group accelerated the high product to restore its share in the market, increased supply expectations and the weight of global oil prices.

“In general, the bottom line is that we will see a leap in supplies feeding on the dull demand market,” said Andrew Leibo, President of Lipow Oil Associats.

The summer leadership season in the United States ends on Monday Labor Day, indicating the end of the highest demand period in the United States, the largest fuel market.

“The market has started to wonder about the impact of the definitions that it might have on economic expectations next year,” Levo said. President Donald Trump We have imports from many commercial partners.

Phil Flynn, the chief analyst of the Prys Foot, said that the raw supply increases have not yet made their way to the American market, which increases the possibility of supply and demand will be in a more strict balance.

Flynn said: “Press around the request, I do not see it.” “The offer is supposed to increase from OPEC, but we do not see it in the United States I think things will remain narrow.”

Flynn said that prices rose earlier in the week due to Ukrainian attacks on Russian oil export stations, but reports on talks between European Ukraine allies on the ceasefire helped reduce prices.

Analyst Halbei at Seb Bank said in a note that the American crude stocks for the week ended August 22 showed a higher tie than expected, which implicitly means that the demand late in the summer was fixed, especially in the industrial sectors and shipping related to shipping. (Eia/s)

Investors also monitor India’s response to pressure from the United States to stop buying Russian oil, after Trump doubled the tariffs on imports from India to 50 % on Wednesday.

Merchants said that India has so far challenged India to rise in India and the United States to India in September.